Young is a veteran figure in the domestic investment community. He worked at Soros Fund in New York from 1996 to 1999 and helped manage the Quantum Industrial Holdings hedge fund with an amount of US$3 billion.
As a senior investor, he won the honor of "Forbes' Best Venture Capitalist" last year.
This experience of investing in science and technology biotechnology made him more excited and excited than "Forbes' Best Venture Capitalist".
His biggest regret also comes from Kechuang Biotechnology, and regrets why he did not participate in the first round of investment.
Due to the IPO of Kechuang Biotechnology and the raging overseas epidemic, Young spent most of this year in Shenhai.
IDG's office in Shenhai is on Jinling West Road in Jing'an District, and Young is chatting with Stephanie from Goldman Sachs.
They are both investors in the Kechuang Biotech project and have been in close contact recently.
Young was pacing in the office: "When I invested in Kechuang Biotechnology's Series B round, I had a hunch that it would become the most successful project I have ever handled."
"I just didn't expect it to succeed much faster than I imagined. I never thought before that I would be reluctant to list the company I invested in. I hope it will go public later and let me burn more money."
Young has participated in and invested in many projects that are star unicorns in the market such as iQiyi and Bilibili.
But when investing in these companies, listing is the end point.
Stephanie was helpless: "Who thought Kechuang Biotech would go on the market so early? With Zheng Li's leadership, the value of brain-computer interface is far more than this."
"Recently, the metaverse is blowing in the primary market and the secondary market. The value of scientific and innovative creatures must be fully reflected in the metaverse."
At this time, NFT has become very popular, and a pure digital work of NFT has fetched a sky-high price of nearly 70 million yuan.
The metaverse wave that started in the currency circle has affected the venture capital world, and there are more and more start-up companies claiming to build a metaverse.
Goldman Sachs executives like Stephanie got the news much earlier than the outside world. She knew that Facebook and Google were going to enter the metaverse.
"Kechuang Biotechnology has just completed its B-round investment and is about to go public. None of us can meet Zheng Li, and no one can convince him to postpone the listing."
"As long as he is still with Kechuang Biotechnology, we will continue to invest in him."
Young shook his head helplessly: "Who isn't? The person in charge of our IDG office in Lion City wanted to see Mr. Zheng, but Mr. Zheng didn't see him at all."
"According to our news in the Lion City, Mr. Zheng stays in the laboratory every day and does not go out. He does not need social interaction or entertainment. He is a genius who is completely immersed in his own world."
Stephanie chuckled and said, "I heard something before. After Zheng Li went to the Lion City, the wealthy families in the Lion City were very happy to have top talents like Zheng Li."
"In Chinese terms, he is still a wealthy man, with a net worth of over 100 billion yuan, and no family constraints behind him. He is a perfect marriage partner."
"Several families in the Lion City have legitimate daughters of the right age. They want to hold a dance and ask Zheng Li to attend. The main purpose is to make connections."
"Zheng Li didn't go even once. Later, when the Lion City National University held an honorary doctorate award ceremony for Zheng Li, a family specially arranged for their legitimate daughter to attend."
"We ended up chatting for a while. Zheng Li explained the underlying principles of brain-computer connection technology. The eldest lady has never seen such a posture before. She didn't understand at all and had to pretend."
"After he finished speaking, Zheng Li asked her a few questions. If it was a business question, she might be able to answer it. But when asked about a certain statistical algorithm, she couldn't answer it at all."
"After a brief chat, it was said that Zheng Li had a vague contempt for his IQ, which caused the eldest lady to say after returning home that she would never see Zheng Li again. Going to see him once made her doubt her own IQ."
Women are usually very gossipy. Even though Shen Hai is thousands of miles away, Stephanie can find out the gossip in the Lion City.
Young couldn't help laughing: "If my daughter is of the right age, I would also like to marry her to Mr. Zheng."
"It is really not easy for a rich man of Mr. Zheng's level to be so simple and only have scientific research in his life."
"For wealthy families like the Lion City, Mr. Zheng's wealth is secondary, and his genes are the most important."
"Money is not that important to Mr. Zheng. From our observation, the most important thing for him is to ensure a quiet and high-quality research environment to do what he wants to do."
"We have no means to interfere with Mr. Zheng's decision, and we don't need to interfere with his decision. As long as he maintains such efficient and reliable R&D capabilities, we will always hold the shares of Kechuang Biotech."
Stephanie nodded and said, "Yeah, he really doesn't value these things. If it were me, just the patent for brain-computer connection would be enough to re-register a company."
"He put the patent for brain-computer connection into a new company, and there is nothing we can do against him. It is reasonable and legal."
“Including when I had a remote video conference with him, I vaguely mentioned that Kechuang Biotechnology can adopt a VIE structure to register a company in the Cayman Islands, and then go public on the US stock market or Hong Kong stock market.”
"I was afraid that Mr. Zheng wouldn't understand. Later, Lei Jun personally explained it to him in detail. Zheng Li just said calmly that he didn't need it. Even if doing so would bring him huge benefits."
There is no tax on holding stocks in China, but you will be taxed if you trade the stocks and liquidate them.
Young: "Mr. Zheng is now in the Lion City. People from all walks of life in the Lion City have repeatedly said that if he wants to immigrate to the Lion City, they will give him the green light. Mr. Zheng has not agreed."
Any news circulates very quickly in the top investment circles, especially for Zheng Li, who is the absolute controller of the largest unicorn company on the market in recent years. All kinds of news about him have been active in this circle.
For example, Li Miaomiao was able to become the executive vice president of Science and Technology Biotechnology at the age of 20. Various gossips emerged one after another. Li Shuyao had heard a lot in CICC, but she didn't tell Li Miaomiao.
Young continued: "You must know that Mr. Zheng's company is for B, and he does not need to consider public opinion. Kechuang Biotech is not a company for C, and public opinion will not have any impact on him."
The full name of To B is To Bussiness, which means that my customer group is mainly corporate customers; the full name of To C is To Consumer, which means that my customer group is mainly individual customers.
This is a very common saying in the Internet circle.
Even for endorphins, Kechuang Biotech sells them to major hospitals and channels, rather than to individual customers.
Stephanie: "He is a very simple and special person. Every time I communicate with him, he has a sharp answer to any issue, but it always makes people feel that he lives in his own world."
Young agrees very much with Stephanie's feelings. Everyone who has come into contact with Zheng Li has similar feelings: "It is precisely because he has always lived in his own world that he can always produce outstanding results."
